The property market saw both demand and supply slump in 2023 due to legal problems and lack of cash flows for developers.
According to the Ministry of Construction, supply remained limited in all segments, with only 52 commercial housing projects with 16,000 units completed, less than half the number in 2022. In the condotel segment there were 17 projects, down 44%.
Statistics from real estate consultancy CBRE Vietnam showed apartment supply was 40% down in both Hanoi and Ho Chi Minh City to 10,100 and 8,600 units.
As of the end of the third quarter the total number of transactions in the property market had been down 59% to only 324,700. The property market saw both demand and supply slump in 2023 due to legal problems and lack of cash flows for developers.
According to the Ministry of Construction, supply remained limited in all segments, with only 52 commercial housing projects with 16,000 units completed, less than half the number in 2022.In the condotel segment there were 17 projects, down 44%.
Statistics from real estate consultancy CBRE Vietnam showed apartment supply was 40% down in both Hanoi and Ho Chi Minh City to 10,100 and 8,600 units.As of the end of the third quarter the total number of transactions in the property market had been down 59% to only 324,700.
While the prices in low-rise housing and some other segments fell by 10-20%, those of apartments in the primary market bought to live in and not as an investment increased due to low supply, according to the ministry.
The real estate market is likely to recover slowly due to limited supply and high prices. However, the market would see some new opportunities since the Government is accelerating infrastructure development and lowering lending interest rates, she added.
